Hey man, if you're ok with it thats all that matters. But I dont think I misunderstood the numbers. Glad everything worked out for you.

 

Ok I read these posts where one guy got a new engine. (Insurance paid) because he hit some rocks cracked the pan and the engine melted down.
This one paid because of hydrolock from somone taking it into deep water.
Is this normal for insurance companies?
What is it considered Comp?
I have 100 bucks deduct would and 350k, 1 mil, and 500k comp collision etc.

 

Congrats Bobby! Glad to hear it all worked out well.

Nothing more fun than driving a fast fun well running car!

 

You guys serious? Would you guys not call your insurance co. if this happend to you? SERIOUSLY? Do you have 12k to fork over for a new engine? (even tho they can be had cheaper). Insurance IMO is there for a reason so use it, I know I would have. I would def feel better if I broke even/paid a tad more for a better engine. He did say he plans on giving the money back when the kid matures a bit more.

 

I dont understand how anyone can feel bad for the ins company

 

Yes, I am serious. If you go back and read the original thread, you'll see I was one of the posters that told him this would be covered under his insurance and that he should turn it in. That said, he never should have collected the money from both parties.

 

This is why insurance is so expensive. No one realizes that the money that the insurance company pays is money they need to collect in premiums. Just like money from the goverment, this money comes from you and I.

insurance premiums = insurance claims (weighted by various demographics)*trend +expenses+profit.

Every dollar out in claims becomes another $1.20 collected from policy holders.

 

Yea I'm serious. I wouldn't scare $5k out of my nephew if insurance covered the repair. I'd make him pay the deductible and give him a good swift kick in the backside. Insurance is to cover the replacement of WHAT YOU PAY TO INSURE -- not to buy you a engine worth 2X as much. Yes, seriously, I'd be honest with my insurance company -- because I have values.

 

 

Good point but if it were me I would turn it in to the ins company too. not to go off topic though, glad it worked for the op.

 

You are barking up the wrong tree here. I did not SCARE any money from him and I resent the accusation. When confronted, he was willing to own up and pay for the whole replacement of the LS1.

After a couple of weeks and I cooled off and called my insurance company and explained the whole situation to them. It was COVERED. I was then willing to take the money from the insurance company and use it towards an upgraded LS6. I was going to pay the difference for all the upgrades and have him pay my 1k deductible.

My sister and brother in law would not hear of it. They felt he needed to pay. So we agreed to have him give me 5K which would teach him a lesson. (and if he learns that lesson he will be getting it back from me)

That 5K went towards the upgraded LS6. It doesn't matter whether I paid the difference, whether he paid it or if YOU offered to pay for it.

The insurance company paid for a LS1!!!! I PAID for the upgrade, not them.

You can argue semantics all you want. But when you mention values and me scaring my nephew, you are DEAD WRONG and I resent it.

By the way the to all those who feel bad for the insurance company, here are a few more facts you should know. They only paid out for a 'reconditioned LS1' so I would have had to pay for a new LS1 if that's what I wanted. They also would only allow a certain amount for labor which was way below the rate here in NY. So I ate that too.

AND I told the complete story to the insurance company, the upgrades, who was paying etc.. THEY had NO issue at all with it, but for some reason its bugging the hell out of you.

YOU need to figure out why you have an issue with this.


Thanks to all the forum members who followed the thread and wished me luck etc.

 

I'm not understanding why this is so hard to understand. what the kid did was criminal and he should be scared. if the insurance company and the family are good with this then it really doesn't matter what others think.

 

First, let me apologize... I did not mean to imply you're strong-arming your nephew; I truly haven't meant any of this in the accusatory way that it seems to have been perceived -- perhaps I used some bad choices in my words.

Just be sure the kid learns the right lesson. I hope he knows that you got $$$ from the insurance agency, too, otherwise it could just foster family bitterness down the road. Money has a way of doing that.

I guess it's all semantics; I wholeheartedly agree with you that the kid needs to learn a lesson. Anyway, I'm done here, peace, and happy motoring. Here's a wave from MD.

Rich

 

 

Rich,

No sweat, thanks for replying and it takes a good guy to say he's sorry.

It's all good.

Peace back at ya.

Bobby

 

Bobby, sounds to me like you did everthing right!